Special Situations

What makes us different?

From distressed municipal debt to specialty telecommunications, our Special Situations team identifies unique investment and strategic ideas that fall outside of our core sectors, diving deep into the issues that focus on distressed or event-driven opportunities. This means constantly reevaluating ways to produce differentiated analysis that allows our clients to better understand regulatory pressure and legislative trends.

We live in the weeds.

In order to identify unique, non-traditional investment themes, our analysts strive to become experts on the opaque policy details. We sift through murky comment letters, proposed rules, agency publications, and legislative drafts. We also attend public hearings and visit the municipal bond issuers we cover in person in search of insight and conclusions often missed by others. Throughout our continued coverage, our analysts have built strong relationships with current and former senior officials in the United States and its territories, leading financial advisory firms, and vital members of the business community. These relationships allow us to closely track volatile situations and ensure that our coverage considers the viewpoints of those closest to the issues we cover. Capstone prides itself on digging deep to cut through the noise to provide context and differentiated insights.

Selected Issues

Distressed municipal debt of Puerto Rico, Detroit, and Illinois
TXU/Energy Future Holdings Restructuring
Gaming
Merger arbitrage

Trucking and transportation
Product liability claims
Net metering policies
For-profit education

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Our Latest Insights

Trade Policy’s Coming Bipartisan Moment

Trade Policy’s Coming Bipartisan Moment

By: Andrew Gier, Capstone Energy and Trade Analyst November 20, 2022 - For much of this year, congressional Democrats and staff worked furiously on a reconciliation package incorporating a long wish list of healthcare, climate, and tax provisions. The pressure to pass...

What a Republican-led House Would Mean for US Foreign Policy

What a Republican-led House Would Mean for US Foreign Policy

By: Daniel Silverberg, Head of Capstone's Corporate Practice and National Security Team November 13, 2022 - The surprising election result this past week could signal a repudiation of former President Trump’s influence in the Republican party, which would have a...

The Double-Edged Sword of Pandemic Mortgage Market Relief

The Double-Edged Sword of Pandemic Mortgage Market Relief

By: Makenzy Mohrman, Capstone Financial Services Analyst November 6, 2022 - Nothing in life is free, a lesson we expect the mortgage industry will learn following government intervention during the pandemic.  At the end of March 2020, Congress signed into law the...